Estes Express Lines has presented a fresh proposal as part of their attempt to acquire Yellow’s real estate assets. Yellow revealed this latest offer from Estes in a legal document filed on Wednesday, September 13th, describing it as the most favorable and appealing offer they have received thus far. Prior to this, Estes had extended a $1.3 billion offer to Yellow, and Old Dominion subsequently submitted a competing bid of $1.5 billion.
“Estes Stalking Horse Bid is an improvement over the Old Dominion Bid because it offers more money for the Acquired Assets and less fees in terms of bid protections,” Yellow said in a court filing. Estes’ offer would also give Yellow the option to sell some terminals individually or in packages if they were offered more on those transactions, reported Wall Street Journal.
“We believe our proposed transaction is mutually beneficial to both Estes and the Yellow bankruptcy estate,” Estes said in a statement.
According to Reuters, Yellow has attracted interest from 540 potential buyers, out of which 307 have taken the step of signing confidentiality agreements, granting them access to evaluate the company’s assets. An auction for Yellow’s terminals is set to take place on October 18th.
